Home improvements have typically been seen as expensive. Even the more affordable of these aren’t low-cost.
According to a report by The NPD group, however, these prices are hiking. Much of this is due to the pandemic, with kitchen and bathroom improvements seeing the largest increase.
As the report highlights, kitchen and bathroom improvement-related products have seen their prices increase 5%. Unit sales have seen an overall increase of 15%.
These seem to be related, with the demand furthering the increasing and compounding it. That doesn’t mean that consumers don’t have options, however.
In contrast, there may be some wriggle room with pricing. Coupled with that are the home improvement alternatives that could be considered.
Kitchen and bathroom improvements see new highs
Even minor kitchen and bathroom improvements have seen an increase in prices. As The NPD Group notes, that’s driven largely by increased demand.
That looks to change, however. The escalating prices have led to a drop in sales; The NPD Group highlights that February 2022 saw a downturn in overall product sales in the area.
There could be multiple reasons for this, with price being but a sole factor. Consumers could be focusing on other home improvements, for example.
How to minimize costs on home improvements
The increase in pricing may make many consumers wary of getting any home improvements done. While many options are relatively expensive, it doesn’t mean that their prices have skyrocketed as much as the above.
In contrast, it seems as though kitchen and bathroom improvements are the main areas to see this price hike. Other areas don’t seem to be as affected by this level of inflation.
The likes of industrial sheds and furniture, for example, don’t seem to have seen a hike increase like other renovations and improvements. Considering alternatives isn’t the only way to minimize this cost, however.
There’s also consumers buying the materials themselves and reusing materials as much as possible. Consumers are DIY-ing as much as they can. They are actively researching and comparing deals. They are getting quotes from multiple contractors and sometimes do their own demolition work.
With the price hikes that kitchen and bathroom improvements have seen, it’s understandable to see why consumers would want to minimize them. The above tips are quite effective.
Sticking to a budget is a necessary part of this. Consumers unable to do this may soon find the costs escalating.
Knowing the most affordable home renovations can also help with consumer choice. These could be a focus for those unable to afford the increasingly more expensive ones.
The most notable of these are interior painting, recoating hardwood floors, and installing a patio.
Though effective, these can be more affordable than consumers expect, especially compared to kitchen and bathroom renovations.
Summary
Home renovations are becoming increasingly more expensive. That’s being seen across all areas, although some have seen more of a price increase than others.
Kitchen and bathroom renovations may be the least affordable home renovations to choose from. With recent price increases, it’s easy to see why.
Consumers aren’t out of options, however. A strategic approach can minimise these.
